Bento to raise $80M in IPO and secondary offering

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By Ted Liu

Bento Inc. has filed an amendment to its preliminary prospectus in connection with the proposed initial public offering and secondary offering of its subordinate voting shares by selling shareholders.

It tends to raise $80 million at an offering price between $12 and $14 per subordinate voting share, consisting $20 million in treasure offering and $60 million in secondary offering.

The selling shareholders are 2144052 Ontario Limited and 2530001 Ontario Limited, each of which is an entity controlled by Ken Valvur, Bento’s Executive Chairman, and 2530023 Ontario Limited, an entity controlled by Glenn Brown, President & CEO of Bento.

Valvur and Brown currently own all of the outstanding shares of Bento and will continue to own all multiple voting shares following the closing of the offering.

Scotia Capital Inc. and CIBC World Markets Inc. are the joint bookrunners for the offering. Stikeman Elliott LLP and Blake, Cassels & Graydon LLP are the legal counsels to Bento and the underwriters respectively.

Markham, Ontario based Bento is a leading branded sushi producer operating in Canada and the U.S. with a multi-channel business model that includes QSRs, both co-located in its grocery store and institutional food service partner locations and standalone, and fresh packaged food.